Method and network for transferring a loan

ABSTRACT

A method of transferring a loan involves a primary financial institution server receiving a credit application for a loan. The credit application includes credit application content and further includes credit application meta-data identifying particulars of the credit application. The credit application particulars includes a loan amount. The primary financial institution server is associated with a primary financial institution. The primary financial institution server determines from the credit application meta-data that the credit application is consistent with secondary credit risk requirements associated with a secondary financial institution, registers in a primary loans management database of the primary financial institution a loan in the loan amount, transmits the credit application content to a secondary financial institution server requesting assumption of the loan by the secondary financial institution, and advances funds in the loan amount. The secondary financial institution server is associated with the secondary financial institution.

RELATED APPLICATIONS

This patent application claims the benefit of the filing date of U.S.Provisional Patent Application Ser. No. 62/050,754, filed Sep. 15, 2014,entitled “System and Method for Financing a Loan”.

FIELD OF THE INVENTION

This patent application relates to a method and network for processing acredit application.

BACKGROUND

To facilitate the purchase of new automobiles, an automobilemanufacturer may have a direct relationship arrangement with a financecompany (“captive lender”) that provides financing to customers whopurchase automobiles from the manufacturer's network of automobiledealers. In such a direct financing model, the dealer delivers thecustomer's credit application to the captive lender, which then providesthe requested funds to the dealer after confirming that the credit riskof the customer is consistent with the risk requirements of the captivelender.

The captive lender may be unable to approve the loan on the termsidentified in the credit application, and the dealer may deliver thecustomer's credit application to a finance broker that itself hasrelationships with various financial institutions. In such an indirectfinancing model, the finance broker selects one of the financialinstitutions to provide the financing, based on the terms of the loanrequested and the risk requirements of each financial institution. Thefinancial institution notifies the finance broker of its approval of thecredit application after confirming that the credit risk of the customeris consistent with the risk requirements of the financial institution.

Since the financial institution must approve the credit applicationbefore it validates the stipulations of the financial institution (e.g.income statements, wealth reports, asset valuation), the financialinstitution may end up with a loan registered on its books even thoughthe loan is inconsistent with the internal funding policies of thefinancial institution.

SUMMARY

This patent application discloses a loan transfer network and anassociated method of transferring a loan.

In accordance with a first aspect of the disclosure, there is provided amethod of transferring a loan that involves a primary financialinstitution server receiving a credit application for a monetary loan toa credit applicant. The primary financial institution server isassociated with a primary financial institution. The credit applicationincludes credit application content and also includes credit applicationmeta-data that identifies particulars of the credit application. Thecredit application particulars include a loan amount.

The primary financial institution server determines from the creditapplication meta-data whether the credit application is consistent withsecondary credit risk requirements associated with a secondary financialinstitution. The secondary financial institution is distinct from theprimary financial institution.

After determining from the credit application meta-data that the creditapplication is consistent with the secondary risk requirements, theprimary financial institution server (i) registers in a primary loansmanagement system of the primary financial institution a loan in theloan amount to the credit applicant, and (ii) transmits the creditapplication content to a secondary financial institution serverrequesting assumption of the loan by the secondary financialinstitution, and (iii) advances funds in the loan amount. The secondaryfinancial institution server is associated with the secondary financialinstitution.

The method secondary financial institution server may determine from thecredit application content that the credit application is consistentwith secondary policy stipulations associated with the secondaryfinancial institution, register the loan in a secondary loans managementsystem of the secondary financial institution, and transmit to theprimary financial institution server confirmation of the assumption ofthe loan by the secondary financial institution. The primary financialinstitution removes the loan from the primary loans management system inresponse to the confirmation.

In accordance with a second aspect of the disclosure, there is provideda loan transfer network that includes a primary financial institutionserver a secondary financial institution server. The primary financialinstitution server is associated with a primary financial institution,and is in communication with a primary loans management system. Thesecondary financial institution server is associated with a secondaryfinancial institution.

The primary financial institution server is configured to receive acredit application for a monetary loan to a credit applicant. The creditapplication includes credit application content and also includes creditapplication meta-data that identifies particulars of the creditapplication. The credit application particulars include a loan amount.

The primary financial institution server is configured to determine fromthe credit application meta-data that the credit application isconsistent with secondary credit risk requirements associated with thesecondary financial institution, register in the primary loansmanagement system a loan in the loan amount to the credit applicant,transmit the credit application content to the secondary financialinstitution server requesting an assumption of the loan by the secondaryfinancial institution, and electronically transfer funds in the loanamount.

The secondary financial institution server is in communication with asecondary loans management system and may be configured to determinefrom the credit application content that the credit application isconsistent with secondary policy stipulations associated with thesecondary financial institution, register the loan in the secondaryloans management system, and transmit to the primary financialinstitution server confirmation of the assumption of the loan by thesecondary financial institution.

The primary financial institution server may be configured to remove theloan from the primary loans management system upon receipt of theconfirmation.

Since the primary financial institution approves the loan if the creditapplication is consistent with the credit risk requirements of thesecondary financial institution, the primary financial institution isable to quickly provide loan financing even if the credit application isinconsistent with the credit risk requirements of the primary financialinstitution. Further, since the secondary financial institution onlyassumes the loan after the secondary financial institution serverconfirms that the credit application is consistent with the policystipulations of the secondary financial institution, there is reducedlikelihood of the secondary financial institution assuming an unwantedloan in contrast to the indirect financing model.

BRIEF DESCRIPTION OF THE DRAWINGS

An exemplary loan transfer network and method of financing a loan, willnow be described, with reference to the accompanying drawings, in which:

FIG. 1 is a schematic view of the loan transfer network, depicting anelectronic document processing server, a communications terminal, aprimary financial institution server, and a secondary financialinstitution server;

FIG. 2 is a schematic view of the electronic document processing server;

FIG. 3 is a schematic view of the primary financial institution server;

FIG. 4 is a schematic view of the secondary financial institutionserver; and

FIG. 5 is a message flow diagram depicting the method of financing aloan.

DETAILED DESCRIPTION Loan Transfer Network

FIG. 1 is a schematic view of a loan transfer network, denoted generallyas 100. As shown, the loan transfer network 100 comprises a documentprocessing server 200, a primary financial institution server 300, asecondary financial institution server 400, and a communications network106 that interconnects the document processing server 200, the primaryfinancial institution server 300, and the secondary financialinstitution server 400. The communications network 106 may beimplemented as a wireline wide area network (e.g. the Internet).Further, as will be discussed below, the communications network 106 maybe implemented as, or include, a wireless wide area communicationsnetwork.

Although the loan transfer network 100 is shown comprising only a singledocument processing server 200, a single primary financial institutionserver 300, and a single secondary financial institution server 400, theloan transfer network 100 may include a plurality of the documentprocessing servers 200, primary financial institution servers 300,and/or secondary financial institution servers 400.

As will be discussed in detail below, each primary financial institutionserver 300 is associated with a respective primary financialinstitution, and the operator of the document processing server 200 mayreceive a physical credit application document for a loan and may usethe document processing server 200 to transmit to the primary financialinstitution server(s) 300, via the communications network 106, a creditapplication payload that includes credit application content and alsoincludes credit application meta-data representative of informationcontained on the physical credit application document.

Each secondary financial institution server 400 is associated with arespective secondary financial institution. The primary financialinstitution server 300 advances the funds for the loan and directs thecredit application content to one of the secondary financial institutionservers 400 if the credit application meta-data is consistent with riskrequirements of the associated secondary financial institution. Thesecondary financial institution server 400 assumes the loan approved bythe primary financial institution if the credit application content isconsistent with policy stipulations of the secondary financialinstitution.

Document Processing Server

A sample document processing server 200 is depicted in FIG. 2. As shown,the document processing server 200 includes a network interface 202, anda data processing system 206 that is coupled to the network interface202. The network interface 202 interfaces the document processor 200with the communications network 106 to allow the electronic documentprocessor 200 to communicate with the primary financial institutionserver(s) 300 via the communications network 106.

The data processing system 206 may include one or more microprocessors208 and a non-transient computer-readable medium 210. Thecomputer-readable medium 210 may be provided as electronic computermemory (e.g. flash memory) or optical or magnetic memory (e.g. compactdisc, hard disk).

The computer-readable medium 210 includes computer processinginstructions stored thereon which, when executed by themicroprocessor(s) 208, implement an operating system 212 and anelectronic document processor 214. The operating system 212 controls theoverall operation of the document processing server 200, and allows thedocument processing server 200 to send and receive data over thecommunications network 106.

The electronic document processor 214 is configured to extract creditapplication meta-data from a physical credit application document,derive credit application content from at least physical creditapplication supporting documents, generate a credit application payloadthat includes the credit application content and the credit applicationmeta-data, and electronically transmit the credit application payload toone of the primary financial institution servers 300, via thecommunications network 106.

Typically, the physical credit application document shows at least theapplicant's name, address and tax authority identification number, andthe loan amount requested by the credit applicant. The creditapplication supporting documents may include income statements, wealthreports, and asset valuation reports. Typically, the income statements,wealth reports, and asset valuation reports collectively show theapplicant's taxable income, liabilities, monetary savings, investmentsand other assets, and the current estimated value of those liabilities,investments and other assets. Accordingly, the credit applicationmeta-data extracted by the electronic document processor 214 mayidentify the applicant's name, address and tax authority identificationnumber, the requested loan amount, the applicant's taxable income,liabilities, monetary savings, and the current estimated value of theapplicant's liabilities, investments, and other assets.

Further, the credit application content may comprise at least one creditapplication document image derived from the physical credit applicationsupporting document(s) and optionally from the physical creditapplication document, and the electronic document processor 214 isconfigured to derive the credit application document image(s) from thephysical credit application supporting document(s) and optionally thephysical credit application document. Alternately, or additionally, thecredit application content may comprise credit application fingerprints(e.g. hash codes) that are derived from and uniquely identify thephysical credit application supporting document(s) and optionally thephysical credit application document, and the electronic documentprocessor 214 may be configured to derive the credit applicationfingerprints from the physical credit application supporting document(s)and optionally the physical credit application document.

Primary Financial Institution Server

A sample primary financial institution server 300 is depicted in FIG. 3.As shown, the primary financial institution server 300 includes anetwork interface 302, and a data processing system 306 that is coupledto the network interface 302. The network interface 302 interfaces theprimary financial institution server 300 with the communications network106 and allows the primary financial institution server 300 tocommunicate with the document processing server(s) 200 and the secondaryfinancial institution server(s) 400.

The data processing system 306 may include one or more microprocessors308 and a non-transient computer-readable medium 310. The non-transientcomputer-readable medium 310 may be provided as electronic computermemory (e.g. flash memory) or optical or magnetic memory (e.g. compactdisc, hard disk). The computer-readable medium 310 may maintain a riskrequirements database 312 and a primary loans database 316.

As discussed, each primary financial institution server 300 isassociated with a respective financial institution. The riskrequirements database 312 saves credit risk requirements (primary creditrisk requirements) that the primary financial institution requires to bemet before the primary financial institution will provide a loan to acredit applicant.

The primary financial institution may have a loan assumption agreementwith one or more secondary financial institutions that are able toprovide more attractive loan financing (e.g. lower interest rates,longer term) than the primary financial institution is authorized toprovide. Pursuant to the loan assumption agreement, the secondaryfinancial institution may agree to assume a loan that was authorized bythe primary financial institution (i.e. purchase the loan from theprimary financial institution such that the credit applicant would beliable directly to the secondary financial institution for repayment ofthe loan), provided that the credit application for the loan wasconsistent with the credit risk requirements and the policy stipulationsof the secondary financial institution.

Accordingly, the risk requirements database 312 may also save creditrisk requirements (secondary credit risk requirements) that eachsecondary financial institution requires to be met before the secondaryfinancial institution will provide a loan to a credit applicant. Asnon-limiting examples, the primary and secondary credit riskrequirements saved in the risk requirements database 312 may include theminimum credit score the credit applicant must possess, and the maximumpermitted number of instances that the credit applicant may be late inmaking a bill payment.

The non-transient computer-readable medium 310 also maintains computerprocessing instructions stored thereon which, when executed by themicroprocessor(s) 308, define an operating system 318 that controls theoverall operation of the primary financial institution server 300. Thecomputer processing instructions stored in the computer-readable medium310 may also implement a primary credit meta-data processor 320, and aprimary loans management system 322.

The primary credit meta-data processor 320 is configured to (i) receivea credit application payload for a monetary loan to a credit applicant.The credit application payload includes credit application content andfurther includes credit application meta-data. The credit applicationmeta-data specifies at least the requested loan amount. As discussed,the credit application meta-data may also identify the applicant's name,address and tax authority identification number, the applicant's taxableincome, liabilities, monetary savings, and the current estimated valueof the applicant's liabilities, investments, and other assets.

The primary credit meta-data processor 320 is configured to (ii)determine from the received credit application meta-data that theassociated credit application is consistent with secondary credit riskrequirements specified by the secondary financial institution. Asdiscussed, the secondary credit risk requirements are maintained in therisk requirements database 312.

The primary loans management system 322 maintains, in the primary loansdatabase 316, particulars of all the loans that have been approved bythe primary financial institution and which have not yet been dischargedor assumed by the secondary financial institution.

The primary credit meta-data processor 320 is also configured to (iii)register in the primary loans management system 322 a loan in the loanamount to the credit applicant, (iv) transmit the credit applicationcontent to the secondary financial institution server 400 requesting anassumption of the loan by the secondary financial institution, and (v)electronically transfer funds in the loan amount.

Although the primary credit meta-data processor 320 is typicallyimplemented as computer processing instructions, all or a portion of thefunctionality of the primary credit meta-data processor 320 may beimplemented instead in electronics hardware, such as a fieldprogrammable logic gate array (FPGA) or a complex programmable logicdevice (CPLD).

Secondary Financial Institution Server

A sample secondary financial institution server 400 is depicted in FIG.4. As shown, the secondary financial institution server 400 includes anetwork interface 402, and a data processing system 406 that is coupledto the network interface 402. The network interface 402 interfaces thesecondary financial institution server 400 with the communicationsnetwork 106 and allows the secondary financial institution server 400 tocommunicate with the primary financial institution server(s) 300.

The data processing system 406 may include one or more microprocessors408 and a non-transient computer-readable medium 410. The non-transientcomputer-readable medium 410 may be provided as electronic computermemory (e.g. flash memory) or optical or magnetic memory (e.g. compactdisc, hard disk). The computer-readable medium 410 may maintain a policystipulations database 414, and a secondary loans database 416.

As discussed, each secondary financial institution server 400 isassociated with a respective financial institution. The policystipulations database 414 saves stipulations (i.e. credit applicationsupporting documentation) that the associated secondary financialinstitution requires to be provided before the secondary financialinstitution will provide a loan to a credit applicant. As non-limitingexamples, the stipulations may require the credit applicant to provideincome statements summarizing the credit applicant's taxable income forone or more of the preceding taxation years, wealth reports summarizingthe savings, investments, liabilities and assets of the creditapplicant, and asset valuation reports summarizing the current estimatedvalue of the investments, liabilities and assets of the creditapplicant.

As discussed, the secondary financial institution may have a loanassumption agreement with one or more primary financial institutions,pursuant to which the secondary financial institution may agree toassume a loan that was authorized by the primary financial institution,provided that the credit application for the loan was consistent withthe credit risk requirements and the policy stipulations of thesecondary financial institution. Therefore, by implication, thestipulations saved in the policy stipulations database 414 specify thecredit application supporting documentation that the associatedsecondary financial institution requires to be provided before thesecondary financial institution will assume a loan authorized by theprimary financial institution.

The non-transient computer-readable medium 410 also maintains computerprocessing instructions stored thereon which, when executed by themicroprocessor(s) 408, define an operating system 418 that controls theoverall operation of the secondary financial institution server 400. Thecomputer processing instructions stored in the computer-readable medium410 may also implement a secondary credit document processor 420, and asecondary loans management system 422.

The secondary credit document processor 420 is configured to (i)determine from credit application content received from one of theprimary financial institution server(s) 300 that the credit applicationis consistent with the secondary policy stipulations of the secondaryfinancial institution. As discussed, the secondary policy stipulationsare maintained in the policy stipulations database 414.

Further, the credit application content may comprise at least one creditapplication document image derived from the credit applicationsupporting document(s) and optionally the physical credit applicationdocument. Alternately, or additionally, the credit application contentmay comprise credit application fingerprints (e.g. hash codes) that arederived from and uniquely identify the physical credit applicationsupporting document(s) and optionally the physical credit applicationdocument.

The second loans management system 422 maintains, in the secondary loansdatabase 416, particulars of all the loans that have been approved orassumed by the secondary financial institution and which have not yetbeen discharged.

The secondary credit document processor 420 is also configured to (ii)register the loan in the secondary loans management system 422, and(iii) transmit to the primary financial institution server 300confirmation of the assumption of the loan by the secondary financialinstitution.

Although the secondary credit document processor 420 is typicallyimplemented as computer processing instructions, all or a portion of thefunctionality of the secondary credit document processor 420 may beimplemented instead in electronics hardware, such as a fieldprogrammable logic gate array (FPGA) or a complex programmable logicdevice (CPLD).

Method of Transferring a Loan

As discussed, the loan transfer network 100 implements a method oftransferring a loan. A sample embodiment of the method is depicted inFIG. 5. As will be explained, in this embodiment a primary financialinstitution server 300 (associated with a primary financial institution)receives a credit application payload for a monetary loan to a creditapplicant. The credit application payload includes credit applicationcontent and further includes credit application meta-data that specifiesat least a loan amount.

The primary financial institution server 300 determines from the creditapplication meta-data whether the credit application is consistent withsecondary credit risk requirements associated with a secondary financialinstitution. The secondary financial institution is associated with asecondary financial institution server and is distinct from the primaryfinancial institution.

After determining from the credit application payload meta-data that thecredit application is consistent with the secondary risk requirements,the primary financial institution server 300 (i) registers in theprimary loans management system 322 of the primary financial institutiona loan in the loan amount to the credit applicant, (ii) transmits thecredit application content to the secondary financial institution server400 requesting assumption of the loan by the secondary financialinstitution, and advances funds in the loan amount.

The secondary financial institution server 400 determines from thecredit application content whether the credit application is consistentwith the secondary policy stipulations of the secondary financialinstitution.

After determining from the credit application content that the creditapplication is consistent with the secondary policy stipulations, thesecondary financial institution server 400 registers the loan in thesecondary loans management system 422 of the secondary financialinstitution, and transmits to the primary financial institution server300 confirmation of the assumption of the loan by the secondaryfinancial institution. The primary financial institution server 300removes the loan from the primary loans management system 322 inresponse to the confirmation.

An example of a method of transferring a loan will now be discussed indetail with reference to FIG. 5. At the outset of the method, a customerattends at the premises of an automobile dealer or other location wherea customer requires a loan to complete the purchase of a vendor'sproducts or services. To initiate the loan approval process, thecustomer (credit applicant) completes a paper-based credit applicationdocument and provides the vendor with the completed credit applicationdocument. The physical credit application document typically shows atleast the applicant's name, address and tax authority identificationnumber, and the loan amount requested by the credit applicant.

The vendor may then conduct a preliminary credit check of the creditapplicant. To do so, the automobile dealer may access an online creditreporting agency and use the information provided on the creditapplication document to determine the credit score of the creditapplicant.

If the credit applicant passes the preliminary credit check, the vendormay request that the credit applicant supply credit applicationsupporting documents. The credit application supporting documentsinclude, but are not limited to, income statements summarizing thecredit applicant's taxable income for one or more of the precedingtaxation years, wealth reports summarizing the liabilities, savings,investments and other assets of the credit applicant, and assetvaluation reports summarizing the current estimated value of theliabilities, investments and other assets of the credit applicant.

After receiving the credit application supporting documents, at stepS500 the vendor may deliver the physical credit application document andthe physical credit application supporting documents to the operator ofthe document processing server 200. At step S502, the electronicdocument processor 214 derives credit application content from thephysical credit supporting documents and optionally also the physicalcredit application document, extracts credit application meta-data fromthe physical credit application document, and generates a creditapplication payload that includes the credit application content and thecredit application meta-data.

The credit application content may comprise one or more creditapplication document images, and the electronic document processor 214may derive the credit application document images from the creditapplication supporting documents and optionally also the physical creditapplication document. Alternately, or additionally, the creditapplication content may comprise credit application fingerprints (e.g.hash codes) that are derived from and uniquely identify the physicalcredit application supporting document(s) and optionally the physicalcredit application document, and the electronic document processor 214may derive the credit application fingerprints from the physical creditapplication supporting document(s) and optionally the physical creditapplication document, for example, by generating hash codes frominformation (e.g. document title, document date, monetary amounts)included in the documents.

The credit application meta-data includes, but is not limited to, theapplicant's name, address and tax authority identification number, therequested loan amount, the applicant's taxable income, liabilities,monetary savings, and the current estimated value of the applicant'sliabilities, investments, and other assets.

At step S504, the electronic document processor 214 electronicallytransmits the credit application payload to the primary financialinstitution server 300 of the primary financial institution typicallyused by the vendor, via the communications network 106.

As discussed, the primary financial institution may have executed a loanassumption agreement with one or more secondary financial institutionsthat are able to provide more attractive loan financing than the primaryfinancial institution is authorized to provide. Pursuant to the loanassumption agreement, the secondary financial institution may agree toassume a loan that was authorized by the primary financial institution,provided that the credit application for the loan is consistent with thecredit risk requirements and the policy stipulations of the secondaryfinancial institution.

Therefore, at step S506, the primary credit meta-data processor 320 ofthe primary financial institution server 300 determines from thereceived credit application meta-data whether the credit application isconsistent with the credit risk requirements of the secondary financialinstitution that is associated with the primary financial institution.To do so, the primary credit meta-data processor 320 may compare thereceived credit application meta-data with the secondary credit riskrequirements of the secondary financial institution that are saved inthe risk requirements database 312.

If the primary credit meta-data processor 320 determines from the creditapplication meta-data that the credit application is consistent with thesecondary risk requirements of the secondary financial institution, theprimary financial institution has, in effect, approved the loan.Therefore, at step S508 the primary credit meta-data processor 320registers the loan with the primary loans management system 322 of theprimary financial institution, preferably by providing the primary loansmanagement system 322 with the credit application meta-data and thecredit application content. The primary loans management system 322saves the credit application meta-data and the credit applicationcontent in the primary loans database 316.

If the primary credit meta-data processor 320 determines from the creditapplication meta-data that the credit application is consistent with thesecondary risk requirements of the secondary financial institution, theprimary credit meta-data processor 320 also generates a loan assumptionrequest message that preferably includes the credit application contentand the credit application meta-data, and requests that the secondaryfinancial institution assume the loan approved by the primary financialinstitution. At step S510, the primary credit meta-data processor 320transmits the loan assumption request message to the secondary financialinstitution server 400 associated with the secondary financialinstitution, via the communications network 106.

The primary financial institution may then advance funds in the loanamount to the vendor. The primary credit meta-data processor 320 mayinitiate the funds transfer in the loan amount, for example, via anelectronic funds transfer service, and may notify the vendor, forexample, by e-mail, that the credit application has been approved.

At step S512, the secondary credit document processor 420 of thesecondary financial institution server 400 determines from the receivedcredit application content whether the credit application is consistentwith the policy stipulations of the secondary financial institution. Todo so, the secondary credit document processor 420 may compare thereceived credit application document image(s) and/or credit applicationfingerprints with the secondary policy stipulations of the secondaryfinancial institution that are saved in the secondary policy database412 to confirm, for example, that the secondary financial institutionserver 400 has received all credit application supporting documentsrequired by the secondary financial institution.

If the secondary credit document processor 420 determines from thecredit content that the credit application is consistent with the policystipulations of the secondary financial institution, the secondaryfinancial institution has, in effect, approved the loan. Therefore, atstep S514 the secondary credit document processor 420 registers the loanwith the secondary loans management system 422 of the secondaryfinancial institution, for example, by providing the secondary loansmanagement system 422 with the credit application content and the creditapplication meta-data. The secondary loans management system 422 savesthe credit application content and the credit application meta-data inthe secondary loans database 416.

If the secondary credit document processor 420 determines from thecredit application content that the credit application is consistentwith the policy stipulations of the secondary financial institution, thesecondary credit document processor 420 also generates a loan assumptionacknowledgment message that preferably includes both the creditapplication meta-data and the credit application content and confirmsthat the secondary financial institution has assumed the loan approvedby the primary financial institution. At step S516, the secondary creditdocument processor 420 transmits the loan assumption acknowledgmentmessage to the primary financial institution server 300 associated withthe primary financial institution, via the communications network 106.

After receiving the loan assumption acknowledgment message, at step S518the primary credit meta-data processor 320 removes the loan from theprimary loans management system 322, preferably by providing the primaryloans management system 322 with the credit application meta-data andthe credit application content. The primary loans management system 322removes the credit application meta-data and the credit applicationcontent from the primary loans database 316.

If the primary credit meta-data processor 320 determines, at step S506,that the credit application is not consistent with the secondary riskrequirements of the secondary financial institution, the primary creditmeta-data processor 320 may determine from the received creditapplication meta-data whether the credit application is consistent withthe credit risk requirements of the primary financial institution. To doso, the primary credit meta-data processor 320 may compare the receivedcredit application meta-data with the primary credit risk requirementsof the primary financial institution that are saved in the riskrequirements database 312.

If the primary credit meta-data processor 320 determines from the creditapplication meta-data that the credit application is consistent with theprimary risk requirements of the primary financial institution, theprimary financial institution has, in effect, approved the loan.Therefore, the primary credit meta-data processor 320 may register theloan with the primary loans management system 322 of the primaryfinancial institution, preferably by providing the primary loansmanagement system 322 with the credit application meta-data and thecredit application content. The primary loans management system 322 maysave the credit application meta-data and the credit application contentin the primary loans database 316.

If the primary credit meta-data processor 320 determines from the creditapplication meta-data that the credit application is not consistent withthe primary risk requirements of the primary financial institution, theprimary credit meta-data processor 320 may notify the vendor, forexample, by e-mail, that the credit application has been rejected.

1. A method of transferring a loan, comprising: (a) a primary financialinstitution server receiving a credit application for a monetary loan toa credit applicant, the credit application including credit applicationcontent and further including credit application meta-data identifyingparticulars of the credit application, the credit applicationparticulars including a loan amount, the primary financial institutionserver being associated with a primary financial institution; (b) theprimary financial institution server determining from the creditapplication meta-data whether the credit application is consistent withsecondary credit risk requirements associated with a secondary financialinstitution, the secondary financial institution being distinct from theprimary financial institution; and (c) after determining from the creditapplication meta-data that the credit application is consistent with thesecondary risk requirements, the primary financial institution server:(i) registering in a primary loans management system of the primaryfinancial institution a loan in the loan amount to the credit applicant,(ii) transmitting the credit application content to a secondaryfinancial institution server requesting assumption of the loan by thesecondary financial institution, the secondary financial institutionserver being associated with the secondary financial institution, and(iii) advancing funds in the loan amount.
 2. The method according toclaim 1, wherein the advancing funds comprises: the secondary financialinstitution server determining from the credit application contentwhether the credit application is consistent with secondary policystipulations associated with the secondary financial institution; andafter determining from the credit application content that the creditapplication is consistent with the secondary policy stipulations: (iv)the secondary financial institution server registering the loan in asecondary loans management system of the secondary financial institutionand transmitting to the primary financial institution serverconfirmation of the assumption of the loan by the secondary financialinstitution, and (v) the primary financial institution removing the loanfrom the primary loans management system in response to theconfirmation.
 3. The method according to claim 2, wherein the creditapplication meta-data comprises at least one of a name of the creditapplicant, address of the credit applicant, tax authority identificationnumber of the credit applicant, the loan amount, taxable income of thecredit applicant, amount of monetary savings of the credit applicant,and estimated value of assets and liabilities of the credit applicant.4. The method according to claim 3, wherein the secondary credit riskrequirements comprise at least one of minimum credit score, and maximumpermitted number of instances late bill payment.
 5. The method accordingto claim 4, wherein the secondary policy stipulations comprise at leastone of income statements, wealth reports, and asset valuation reports.6. The method according to claim 1, wherein the credit applicationcontent comprises at least one credit application support document. 7.The method according to claim 6, wherein the credit application contentcomprises at least one credit application document image derived fromthe at least one credit application supporting document.
 8. A loantransfer network comprising: a primary financial institution serverassociated with a primary financial institution, the primary financialinstitution server being in communication with a primary loansmanagement system; and a secondary financial institution serverassociated with a secondary financial institution, wherein the primaryfinancial institution server is configured to: (i) receive a creditapplication for a monetary loan to a credit applicant, the creditapplication including credit application content and further includingcredit application meta-data identifying particulars of the creditapplication, the credit application particulars including a loan amount,(ii) determine from the credit application meta-data that the creditapplication is consistent with secondary credit risk requirementsassociated with the secondary financial institution, (iii) register inthe primary loans management system a loan in the loan amount to thecredit applicant, (iv) transmit the credit application content to thesecondary financial institution server requesting an assumption of theloan by the secondary financial institution, and (v) electronicallytransfer funds in the loan amount.
 9. The loan transfer networkaccording to claim 8, wherein the secondary financial institution serverin communication with a secondary loans management system and isconfigured to: (vi) determine from the credit application content thatthe credit application is consistent with secondary policy stipulationsassociated with the secondary financial institution, (vii) register theloan in the secondary loans management system, and (viii) transmit tothe primary financial institution server confirmation of the assumptionof the loan by the secondary financial institution.
 10. The loantransfer network according to claim 9, wherein the primary financialinstitution server is configured to remove the loan from the primaryloans management system upon receipt of the confirmation.
 11. The loantransfer network according to claim 8, wherein the credit applicationcontent comprises at least one credit application support document. 12.The loan transfer network according to claim 11, wherein the creditapplication content comprises at least one credit application documentimage derived from the at least one credit application supportingdocument.